{"id":90002,"date":"2024-09-29T00:00:00","date_gmt":"2024-09-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/diriyah-closes-usd-1-bn-in-contracts-aramco-raises-sar-3-bn-from-intl-sukuk-sale\/"},"modified":"2024-09-29T00:00:00","modified_gmt":"2024-09-29T00:00:00","slug":"diriyah-closes-usd-1-bn-in-contracts-aramco-raises-sar-3-bn-from-intl-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/diriyah-closes-usd-1-bn-in-contracts-aramco-raises-sar-3-bn-from-intl-sukuk-sale\/","title":{"rendered":"Diriyah closes USD 1 bn in contracts + Aramco raises SAR 3 bn from int\u2019l sukuk sale"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people.<\/strong> September is going out with a bang, giving us another busy start to the week with not one, not two, not three, but four IPO stories, in addition to the latest on Aramco\u2019s USD-denominated sukuk sale over the weekend and USD 1 bn-worth of contracts signed at Diriyah. Let\u2019s jump right in. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER-<\/strong> Riyadh\u2019s mercury will hit a high of 39\u00b0C today and a low of 26\u00b0C. Meanwhile, Jeddah will see a high of 36\u00b0C, and a low of 28\u00b0C.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>The next round of e-invoicing: <\/strong>Companies that had more than SAR 3 mn in revenues subject to VAT in 2022 or 2023 will have to integrate their e-invoicing solutions with Zatca\u2019s <a target=\"_blank\" href=\"https:\/\/fatooraonline.com\/\" style=\"\" rel=\"noopener\">Fatoora<\/a> platform between 1 April and 30 June, 2025, according to the official gazette <a target=\"_blank\" href=\"https:\/\/uqn.gov.sa\/details?p=26546\" style=\"\" rel=\"noopener\">Umm Al Qura<\/a>. This is the latest phase of an e-invoicing rollout that began in late 2021.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Pakistan has secured significant financing commitments from Saudi, the UAE, and China <\/strong>as part of a new International Monetary Fund (IMF) program, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/pakistan-wins-additional-financing-assurances-china-uae-saudi-imf-official-2024-09-26\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing IMF Pakistan Mission Chief Nathan Porter. These <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7d8d085f-f1a6-44a9-90f8-b303dfa1e9b6\/\" style=\"\" rel=\"noopener\">assurances<\/a> go beyond a USD 12 bn debt rollover owed to these countries by Pakistan. While details of the Kingdom\u2019s additional contribution weren't disclosed, the new funds are part of a broader effort to stabilize Pakistan's economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Pakistan <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7d8d085f-f1a6-44a9-90f8-b303dfa1e9b6\/uae-rolls-over%253cmark%253e-pakistan%253c%2Fmark%253e%25e2%2580%2599s-debt-another-time-%2B-adnoc-backed-us-lng-project-hits-setback\" style=\"\" rel=\"noopener\">obtained assurances<\/a> from the UAE, Saudi Arabia, and China to roll over USD 12 bn in debt for a year in August. The Saudi Fund for Development had already agreed to roll over its USD 3 bn deposit in Pakistan\u2019s Central Bank for an additional year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b576b375-501c-4ea6-847d-4045d863f398\/tiktok-is-still-on-the-naughty-list-%2B-we%E2%80%99re-exploring-a-rare-earths-exchange\" style=\"\" rel=\"noopener\">last December<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Local poultry production rose 9% y-o-y in 1H 2024 to 558 mn kg<\/strong>, the Environment, Water, and Agriculture Ministry <a target=\"_blank\" href=\"https:\/\/x.com\/MEWA_KSA\/status\/1839311417914307074\" style=\"\" rel=\"noopener\">said on X<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- <\/strong><strong>Demand for Schengen visas in Saudi Arabia increased by 23% this year<\/strong>, VFS Global CEO Zubin Karkaria told <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/5065561-schengen-visa-applications-saudi-arabia-grew-23-2024\" style=\"\" rel=\"noopener\">Asharq Al Awsat<\/a>. The company offers visa and passport services at 14 locations across the Kingdom, including Riyadh, Jeddah, and Madinah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ditching USD 100?<\/strong> The Kingdom is reportedly planning to scrap its unofficial USD 100 per barrel oil target as officials are committed to raising production by 83k bbl per month from December 2024 even if it induces a period of lower prices, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1d186f62-5941-4f9e-aef1-7d93a8a696cd\" style=\"\" rel=\"noopener\">Financial Times reports<\/a>, citing people it says are familiar with the matter. This comes after OPEC+ agreed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f90d07cc-f8eb-4b77-8ecb-8d191bf1a145\/al-khorayef-continues-east-asia-tour\" style=\"\" rel=\"noopener\">earlier this month<\/a> to suspend its planned 180k bpd output hike for October and November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Goldman Sachs sees crude prices reaching <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/d674fc7d-aebf-4361-a3ac-6a8bf4a3d8cd\/non-oil-exports-rise-in-july\" style=\"\" rel=\"noopener\">USD 77 per barrel<\/a> in 4Q 2024, according to its recent forecast.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> The government needs to sell crude at USD 100 \/ bbl to close its budget deficit. Scrapping the unofficial target would mean the Kingdom is prepared to tap alternative sources of funding to narrow the gap. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>English refs are officially benched from Saudi matches: <\/strong>Referees from the UK\u2019s Premier League were blocked from officiating in Saudi and Gulf Leagues after backlash over prioritizing lucrative gigs overseas, the <a target=\"_blank\" href=\"https:\/\/www.dailymail.co.uk\/sport\/football\/article-13900745\/Premier-League-referees-stopped-taking-lucrative-jobs-Gulf-states-Michael-Oliver-banked-3-000-officiating-Saudi-Arabia-ahead-VAR-horror-season.html\" style=\"\" rel=\"noopener\">Daily Mail reports<\/a>. The Professional Game Match Officials Limited Chief Howard Webb has now restricted their appearances to \u201cdevelopment opportunities\u201d for up-and-comers. The move follows backlash over ref Micheal Oliver refereeing in Saudi before a botched VAR call in the Premier League.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF-owned Newcastle United\u2019s CEO Darren Eales will step down from his role after being<\/strong><strong> diagnosed with chronic blood cancer<\/strong>, the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/newcastle-ceo-cancer-d036640c890f1e4ddce3dc3bd3b75be8\" style=\"\" rel=\"noopener\">Associated Press<\/a> reports. Eales assumed the role in August 2022, following the club's acquisition by the Saudi sovereign wealth fund. He plans to remain in the role until a successor is appointed.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Cenomi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> and  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a>  industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One story is on every front page this morning: <\/strong>Israel <a target=\"_blank\" href=\"https:\/\/x.com\/AvichayAdraee\/status\/1839937944154419506\" style=\"\" rel=\"noopener\">killed<\/a> Hezbollah leader Hassan Nasrallah in Beirut over the weekend in an airstrike. Nasrallah, who led Hezbollah for 32 years, had been among the main targets of Israel\u2019s bombardment of Lebanon. Israeli forces killed <a target=\"_blank\" href=\"https:\/\/www.cbsnews.com\/news\/israel-lebanon-hezbollah-bombing-continues-netanyahu-addresses-un-ceasefire\/\" style=\"\" rel=\"noopener\">at least 700 people<\/a> in Lebanon last week, including 50 children. At least <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/over-30000-crossed-into-syria-lebanon-past-days-says-un-2024-09-27\/\" style=\"\" rel=\"noopener\">30k people<\/a> \u2014 mainly Syrians \u2014 have crossed into Syria from Lebanon since Wednesday and more than 200k people in Lebanon have been uprooted by the attacks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Houthis attack Israel:<\/strong> Yemen\u2019s Houthis <a target=\"_blank\" href=\"https:\/\/x.com\/ameenhayan\/status\/1839632046555087081\" style=\"\" rel=\"noopener\">said<\/a> on Friday that they had launched missile and drone attacks on the Israeli cities of Tel Aviv and Ashkelon as well as <a target=\"_blank\" href=\"https:\/\/x.com\/ameenhayan\/status\/1839654374282346547\" style=\"\" rel=\"noopener\">three US destroyers<\/a> stationed in the Red Sea. The Israeli army <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-says-it-intercepted-yemeni-missile-2024-09-26\/\" style=\"\" rel=\"noopener\">said<\/a> that it managed to intercept a missile fired from Yemen, but the Houthis <a target=\"_blank\" href=\"https:\/\/x.com\/ameenhayan\/status\/1839654374282346547\" style=\"\" rel=\"noopener\">said<\/a> that their operations would not stop until Israel ceases its offensives in Gaza and Lebanon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REGIONAL EFFORTS- <\/strong>Egypt continued to call for an immediate ceasefire in both Gaza and Lebanon, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0oY1sHnMFnStJo9Jk79pofWPdZszsuxwz5VisePBY7fnoD5o2nXXxpj6oMZjMbdYEl\" style=\"\" rel=\"noopener\">warning<\/a> on Thursday that Israel\u2019s practices and violations of international law threaten to plunge the region into a state of chaos.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN BUSINESS NEWS- Beijing wants Chinese companies to ditch Nvidia chips: <\/strong>Chinese regulators are reportedly <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-27\/china-urges-local-companies-to-stay-away-from-nvidia-s-ai-chips?srnd=homepage-americas&embedded-checkout=true\" style=\"\" rel=\"noopener\">discouraging companies<\/a> from purchasing US-based Nvidia\u2019s H20 chips, in a bid to expand local chipmakers\u2019 market share and to prepare local tech companies for more US restrictions that may be coming down the pike. The instructions have come as a guidance rather than an outright ban, as officials weigh the benefits of access to the world\u2019s fastest chips for its burgeoning AI sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- HSBC to exit the South African market:<\/strong> HSBC will transfer its commercial and investment banking business in South Africa to local lender FirstRand as it exits the country and continues to shift its focus toward Asia, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/2156.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Absa Bank has also been tapped to provide HSBC\u2019s equities and securities finance clients with access to the South African market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN US ELECTIONS NEWS- Tehran comes under fire for election interference:<\/strong> The US Justice Department on Friday <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us-issues-iran-related-sanctions-over-election-interference-2024-09-27\/\" style=\"\" rel=\"noopener\">accused<\/a> three members of Iran\u2019s Islamic Revolutionary Guard Corps of hacking Donanld Trump\u2019s election campaign, after they purportedly used fake emails to dupe Trump\u2019s staff into clicking links that allowed the hackers to snag sensitive information like debate prep notes and VP shortlists. While the Iranian suspects are outside of US jurisdiction, Attorney General Merrick Garland emphasized the Justice Department's commitment to pursuing international cybercriminals, stating, \u201cWe will follow these people for the rest of their lives.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/intersec-ksa.ae.messefrankfurt.com\/ksa\/en.html?gad_source=1&gclid=Cj0KCQjwxsm3BhDrARIsAMtVz6MFnyK10eg-5UKF4hgDbCx9ZdttctOmQj1_3kyLiTp2GR9KyrHpINoaAn-HEALw_wcB\" style=\"\" rel=\"noopener\">Intersec Saudi Arabia<\/a><\/strong><strong> will open its doors this Tuesday, 1 October<\/strong>, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Professional Fighters League\u2019s (PFL) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/pflmma.com\/BattleoftheGiants\" style=\"\" rel=\"noopener\">Battle of the Giants<\/a><\/strong><strong> is coming to Riyadh <\/strong><strong>on Saturday, 19 October<\/strong>. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women\u2019s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-day <\/strong><strong><a target=\"_blank\" href=\"https:\/\/mipforum.org\/\" style=\"\" rel=\"noopener\">Multilateral Industrial Policy Forum<\/a><\/strong><strong> will kick off in Riyadh on Wednesday, 23<\/strong><strong> October.<\/strong> The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2176960\" style=\"\" rel=\"noopener\">UNIDO General Conference in 2025<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Is the Kingdom abandoning its informal oil price target?<\/p>\n","protected":false},"author":1,"featured_media":90003,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,159,8,2779,921,9,2758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-oil-watch","tag-sports","tag-tax-and-customs-authority-zatca","tag-tourism-ministry","tag-what-were-tracking-today","tag-zakat","wpautop","entry"],"acf":{"mongo_id":"7fc57397-65bf-418d-95aa-f5165afe8482","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/2379.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Diriyah closes USD 1 bn in contracts + Aramco raises SAR 3 bn from int\u2019l sukuk sale","related_issue":[90000],"teaser":"PLUS: Is the Kingdom abandoning its informal oil price target?","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.90119ae5-7fc2-40b6-9e35-406e620fefa3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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